Značka: Markets

Experts explain how music NFTs will enhance the connection between creators and fans

According to Mike Darlington, the CEO of Monstercat, an electronic music platform, and Jake Udell, the founder of social NFT platform Metalink, bear markets are a time to ideate and build new products. During this week’s episode of NFT Steez, a bi-weekly Twitter Space hosted by Cointelegraph analysts, both Darlington and Udell agreed that the future will be bright for crypto and especially for music NFTs. During the interview, Darlington and Udell explained the importance of researching projects with “sustainable teams” that continue to build despite the current market conditions and they encouraged investors to learn from the possibilities created at the height of the bull market. According to Darlington, music NFTs haven’t necessarily had made it as a “trend” yet, but he is hoping that they cement their space in the next bull cycle. Comparatively, profile pictures (PFP) NFTs are a “monster of their own,” but music NFTs can see similar success to that of photography or art NFTs.Creators and communities will benefit from music NFTsFor creators looking into experimenting with music NFTs, Darlington suggested that it is first important to discover and understand “why do you want to interact and why do you want to get involved?” Darlington said some creators have come to “recognize how broken the music industry is for artists” and music NFTs present a possibility that can provide more sustainability for artists and musicians. While it’s uncertain how sustainable the new landscape will be for artists, the one “resounding truth” and commonality is that creators are not “content with the current model,” there is a willingness to be open to change the status quo but this depends on the “format and the shape that music NFTs will arrive in,” explains Darlington. Are music NFTs in a separate genre of their own?Metalink founder, Jake Udell alluded to how levels of engagement differ between free and pay-to-use platforms with users opting to engage more in platforms they have a stake in. Creators and users who feel they have invested into the product are more likely to “play around with the product more and be more likely to make something of it,” says Udell. Interestingly, this dichotomy where users are invested and in-turn empowered to experiment opens up for a more dynamic relationship between the listener and the artist instead of listening to music as a “passive” pastime. Whether or not users care about ownership or truly have it matters less in relation to the culture and community created toward the increased value entities are now placing on digital goods. According to Udell, the amount of attention the NFT space received in the last year alone led the way for a “cult like phenomenon.” Groups are brought together by the common thread of Web3 and while Udell does not believe that “Web3 is necessarily a genre,“ it is another avenue for artists to tap into and successfully grow their audience. Interested in learning more about how music NFTs could rule 2023? Don’t miss the full conversation on Twitter spaces! Tune in to NFT Steez on Twitter every other Friday at 12:00 p.m. ET. Make sure to set your notifications and set your alarm! The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin trader says expect more chop, downside, then sideways price action for BTC this summer

Discussion of the state of the crypto market has been a dominant headline over the past few weeks as non-crypto native media excoriate Bitcoin (BTC) and DeFi investors for investing in assets with no fundamental value. At the same time, crypto-savvy analysts and traders have been pouring over charts, looking for clues that signal when the market will bottom and reverse course.Novice investors are clearly nervous and a few have predicted the demise of the burgeoning asset class, but for those that have been around for multiple cycles, this new bear market is just another forest clearing fire that will eventually lead to a healthier ecosystem. The next steps for the crypto market was a topic discussed in depth with Cointelegraph contributor Crypto Jebb and independent market analyst Scott Melker. The pair chatted about their views on why the value proposition for Bitcoin remains strong and what the price action for the top cryptocurrency could look like moving forward. [embedded content]Here’s a look at some of the key points discussed by Crypto Jebb and Melker. Bitcoin is being used as it was originally intendedTraders are primarily focused on Bitcoin’s spot price and lamenting the fact that it is not performing as the inflation hedge that many promised it would be, but Melker pointed out that its performance largely depends on the country and economic state of where an individual lives. Bitcoin may be down significantly in terms of U.S. dollars, but when compared to countries like Venezuela that are experiencing hyperinflation, or Nigeria, which has a large unbanked population, BTC has offered people a way to preserve the value of their money and transact in an open financial system. One of the biggest functions highlighted by Melker is that Bitcoin is the first real asset that has given people around the world the ability to opt out of the current financial system if it’s not working for them. According to Crypto Jebb, Bitcoin is thermodynamically sound, meaning he defined as the asset holding on to the energy that is put into the system and that it doesn’t “leak” it out through things like inflation. What direction will the market take?Regarding the market’s future, Melker made sure to emphasize that while it may not seem like crypto adoption is moving fast to those who have been in the market for years, “the adoption of Bitcoin is faster than the internet. It’s a hockey stick curve that is absolutely going parabolic.” Both Crypto Jebb and Melker suggested that the paradigm shift toward investing in cryptocurrencies just needs more time because people who have been conditioned to invest in things like a 401k or Roth IRA and most investors are trained to fear risk.In response to possible critics who would cite Bitcoin’s volatility as a core reason to avoid cryptocurrencies, Melker highlighted the struggles that equities markets have had lately, citing the poor performance of stocks like Netflix, Facebook, PayPal and Cathie Woods’s ARK funds. Melker said, “Last month was the first time I believe I saw research from Messari that said there wasn’t a single place that you could have basically put money in an asset class and stored any sort of value. And if you stayed in cash, you lost 8% of your buying power doing that.”Related: Deutsche Bank analysts see Bitcoin recovering to $28K by DecemberExpect more downside over the short-termAccording to Melker, the current condition of the market is poor and in the short-term, it’s important to remember that “the trend is your friend” and that further downside is likely. That being said, Melker indicated that there are some developments coming up that could help the market out of its lull, including the Fed tightening cycle which has historically put pressure on asset prices for the first three quarters of the tightening cycle until the market adjusts to the new reality. Melker said, “My best guess is that we have a very choppy, boring low-volume, low liquidity summer. Maybe we put in new lows, or maybe we just chop around from $17.5K to $22K or $23K, something like that. And then we really start to see what the market is made of coming into the end of the year.” Don’t miss the full interview on our YouTube channel and don’t forget to subscribe!The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Price analysis 7/1: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, LEO, SHIB

Bitcoin dropped 56.2% in the second quarter of 2022, according to crypto analytics platform Coinglass. That makes it Bitcoin’s worst quarter since the third quarter of 2011 when BTC price fell by 67%. A large part of the damage was done in the month of June when Bitcoin plunged 37%, the worst monthly drawdown since September 2011.It is not all gloom and doom for crypto investors. On June 29, JPMorgan strategist Nikolaos Panigirtzoglou said that the “Net Leverage metric” suggests that crypto’s deleveraging may be on its last legs. The eagerness of crypto companies with stronger balance sheets to bail out crypto firms in distress is also a positive sign.Daily cryptocurrency market performance. Source: Coin360Another positive view on Bitcoin came from Deutsche Bank analysts. In a recent report, the strategists said that the S&P 500 could recover lost ground and rally to the levels seen in January. This could benefit Bitcoin due to its close correlation with the S&P 500.Could the downtrend resume or will lower levels attract buyers? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin plummeted below the immediate support at $19,637 on June 30 but the long tail on the candlestick indicates strong buying at lower levels. The bulls tried to build upon the momentum on July 1 and push the price toward the overhead resistance at $22,000 but the long wick on the candlestick shows that bears are active at higher levels.BTC/USDT daily chart. Source: TradingViewIf the price sustains below $19,637, the likelihood of a retest of the critical support at $17,622 increases. The downsloping moving averages and the relative strength index in the oversold zone indicate that bears are in control.A break and close below $17,622 could signal the resumption of the downtrend. The next support is at $15,000.This negative view could invalidate in the short term if the price rises above the 20-day exponential moving average (EMA) ($21,907). Such a move could clear the path for a possible rally to the 50-day simple moving average (S($26,361).ETH/USDTEther (ETH) dipped below the immediate support of $1,050 on June 30 but the bulls purchased the dip. The buyers tried to extend the recovery on July 1 but the long wick on the candlestick shows that bears are selling on minor rallies.ETH/USDT daily chart. Source: TradingViewThe bears will try to pull the price below the psychological level of $1,000. If they succeed, the selling could pick up momentum and the ETH/USDT pair could drop to the important support at $881. If this level gives way, the pair could resume the downtrend. The next support is at $681.Contrary to this assumption, if the price rebounds off the current level or $1,000, the bulls will attempt to push the pair above the 20-day EMA. If they can pull it off, it will suggest that bears may be losing their grip. The bullish momentum could pick up on a break above $1,280.BNB/USDTBNB dipped below the strong support at $211 on June 30 but the lower levels attracted strong buying as seen from the long tail on the day’s candlestick.BNB/USDT daily chart. Source: TradingViewThe buyers tried to extend the recovery on July 1 but the long wick on the candlestick shows that bears are defending the 20-day EMA ($234) aggressively. The downsloping 20-day EMA and the RSI in the negative territory indicate advantage to sellers.If the price sustains below $211, the BNB/USDT pair could retest the crucial support at $183. If this support cracks, the downtrend could resume. The next support is at $150.This negative view could invalidate in the short term if the price turns up and breaks above the 20-day EMA. That could clear the path for a possible rally to the 50-day SMA ($271).XRP/USDTRipple (XRP) attempted a recovery on June 30 but the bulls could not push the price above the overhead resistance at $0.35. This suggests that bears are not willing to let go of their advantage.XRP/USDT daily chart. Source: TradingViewThe XRP/USDT pair could drop to the strong support at $0.28 where the bulls are likely to mount a strong defense. If the price rebounds off $0.28, it will suggest that bulls continue to buy at lower levels. The bulls will then make one more attempt to push the price above the 50-day SMA ($0.37).Conversely, if bears sink the price below $0.28, the next leg of the downtrend could begin. The pair could then decline to $0.23.ADA/USDT Cardano (ADA) bounced off $0.44 on June 30 but the bulls could not clear the 20-day EMA ($0.49) on July 1. This suggests that bears continue to defend the moving averages with vigor.ADA/USDT daily chart. Source: TradingViewThe downsloping 20-day EMA and the RSI in the negative zone indicate that the path of least resistance is to the downside. If the price slips below $0.44, the ADA/USDT pair could drop to the critical support of $0.40. The bulls are expected to defend this level with all their might because if the support cracks, the pair could resume its downtrend. The next support is at $0.33.Alternatively, if the price rebounds off $0.44 or $0.40, the buyers will again try to clear the overhead resistance at the moving averages. If they succeed, the pair could start a relief rally toward $0.70.SOL/USDTSolana (SOL) dipped below the immediate support at $33 on June 30 but the long tail on the candlestick shows strong buying at lower levels. The buyers tried to push the price above the 20-day EMA ($36) on July 1 but the bears did not relent. SOL/USDT daily chart. Source: TradingViewThe sellers will try to gain the upper hand by pulling the price below $30. If they manage to do that, the SOL/USDT pair could drop to $27 and later to the crucial support at $25.86. A break and close below this level could signal the resumption of the downtrend.Another possibility is that the price rebounds off $30. That will indicate accumulation at lower levels. The bulls will then try to clear the overhead hurdle at the moving averages and push the price to $50.DOGE/USDTDogecoin (DOGE) is witnessing a tough battle between the bulls and the bears near the 20-day EMA ($0.07). The RSI is just below the midpoint and the 20-day EMA has flattened out, indicating a minor advantage to sellers.DOGE/USDT daily chart. Source: TradingViewIf the price slips below $0.06, it will suggest that bears are back in the driver’s seat. The sellers will then attempt to sink the DOGE/USDT pair below the important support at $0.05 and resume the downtrend. The next support is at $0.04.On the contrary, if the price rises from the current level, the buyers will again attempt to clear the overhead hurdle at the 50-day SMA ($0.08). If they succeed, it will suggest that the bears may be losing their grip. The pair could then rally to the strong overhead resistance at $0.10.Related: What bear market? This token is quietly making new highs, up 300% against Bitcoin in 2022DOT/USDTPolkadot (DOT) broke and closed below the strong support at $7.30 on June 29. The buyers tried to push the price back above the level on June 30 but failed. This suggests that bears are selling on every minor rally.DOT/USDT daily chart. Source: TradingViewThe 20-day EMA ($7.74) has started to turn down and the RSI is in the negative territory, indicating that bears are in command. If the price breaks below $6.36, the DOT/USDT pair could start the next leg of the downtrend. The next support is at $5.Contrary to this assumption, if the price rebounds off the current level, the bulls will again attempt to clear the overhead resistance at the 20-day EMA. If they succeed, the pair could rally to the 50-day SMA ($8.89).LEO/USDUNUS SED LEO (LEO) turned down on June 30 but the bulls did not allow the price to slip back into the descending channel. This indicates that buyers are trying to flip the resistance line into support. LEO/USD daily chart. Source: TradingViewThe breakout from the channel indicates the start of a new up-move. The buyers pushed the price to $6.50 on July 1 but the long wick on the candlestick shows that bears are selling on rallies. If bulls sustain the price above $6, the LEO/USD pair may again rise to $6.50. If this level is cleared, the rally could extend to the pattern target of $6.90.To invalidate this bullish view, the bears will have to pull the price below the 20-day EMA ($5.63). If that happens, the pair may drop to the 50-day SMA ($5.27).SHIB/USDTShiba Inu (SHIB) closed below $0.000010 on June 28 but the bears could sustain the lower levels. The bulls bought the dip but are struggling to push the price above the 50-day SMA ($0.000010) SHIB/USDT daily chart. Source: TradingViewBoth moving averages have flattened out and the RSI is just below the midpoint. This suggests a status of equilibrium between the buyers and sellers. If the price breaks below $0.000009, it will suggest an advantage to bears. The SHIB/USDT pair could then decline to the crucial support of $0.000007. Alternatively, if bulls drive the price above the 50-day SMA, the pair could rise to $0.000012. This level may again act as a resistance but if crossed, the rally may reach $0.000014.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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Analysts identify 3 critical flaws that brought DeFi down

The cryptocurrency market has had a rough go this year and the collapse of multiple projects and funds sparked a contagion effect that has affected just about everyone in the space. The dust has yet to settle, but a steady flow of details is allowing investors to piece together a picture that highlights the systemic risks of decentralized finance and poor risk management.Here’s a look at what several experts are saying about the reasons behind the DeFi crash and their perspectives on what needs to be done for the sector to make a comeback. Failure to generate sustainable revenueOne of the most frequently cited reasons for DeFi protocols struggling is their inability to generate sustainable income that adds meaningful value to the platform’s ecosystem. Fundamental Design Principles for DeFi:- If the protocol doesn’t work without a reward token, it’s a Ponzi schemeA reward token should not be necessary for a protocol to function. That means the protocol is not a revenue generating business.— Joseph Delong* (@josephdelong) May 23, 2022In their attempt to attract users, high yields were offered at an unsustainable rate, while there was insufficient inflow to offset payouts and provide underlying value for the platform’s native token. This essentially means that there was no real value backing the token, which was used to payout the high yields offered to users. As users began to realize that their assets weren’t really earning the yields they were promised, they would remove their liquidity and sell the reward tokens. This, in turn, caused a decline in the token price, along with a drop in the total value locked (TVL), which further incited panic for users of the protocol who would likewise pull their liquidity and lock in the value of any rewards received. Tokenomics or Ponzinomics?A second flaw highlighted by multiple experts is the poorly designed tokenomic structure of many DeFi protocols that often have an extremely high inflation rate which was used to lure liquidity.High rewards are nice, but if the value of the token being paid out as a reward isn’t really there, then users are basically taking a lot of risk by relinquishing control of their funds for little to no reward. This largely ties in with DeFi’s revenue generation issue, and the inability to build sustainable treasuries. High inflation increases token supply, and if token value is not maintained, liquidity leaves the ecosystem.Related: Bear market will last until crypto apps are actually useful: Mark CubanOverleveraged usersThe overuse of leverage is another endemic DeFi problem and this flaw became crystal clear as Celsius, 3AC and other platforms invested in DeFi began to unravel last month.Users who staked these inflationary tokens to over-leverage their positions got liquidated as prices dipped due to market sell-offs.This led to a death spiral for the protocol. @Wonderland_fi is one such protocol where users leveraged $TIME to borrow $MIM and got liquidated— Magik Invest ✨ (@magikinvestxyz) June 28, 2022

These liquidations only exasperated the downtrend that many tokens were already experiencing, triggering a death spiral that spread to CeFi and DeFi platforms and a few centralized crypto exchanges.In this sense, the onus really falls on the users for being over-leveraged without a solid game plan on what to do in the eventuality of a market downturn. While it can be a challenge to think about these things during the height of a bull market, it should always be something in the back of a trader’s mind because the cryptocurrency ecosystem is well known for its whipsaw volatility. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Traders debate whether Solana (SOL) is a buy now that it’s down 87% from its all-time high

The crypto sector is caught in a deep correction and recent reporting shows that a majority of altcoins are more than 70% down from their 2021 highs. Solana is among that list and investors are on the fence about whether the token has strong enough fundamentals to warrant buying SOL at its current value. Data from Cointelegraph Markets Pro and TradingView shows SOL is down 87.5% from its all-time high and given the current state of the market, most price breakouts fail to notch a daily higher high.SOL/USDT 1-day chart. Source: TradingViewDespite, the dismal outlook, there are a few potential positives that could make Solana a project to watch once the wider market enters a consolidation phase.Solana MobileSOL price received a quick boost late last week after a June 23 announcement that the project would release a Solana mobile stack which enables native Android Web3 apps on Solana. To go along with the new operating interface for smartphones, Solana also revealed that it will be releasing its own “Saga” Android phone through Solana Mobile in an effort to lead the way on Web3-enabled devices. Web3 and the Metaverse are two of the topics that arose out of the 2021 bull market and point to the future of where blockchain technology is headed. This move by Solana shows that despite the short-term struggles, it continues to develop for the future and looks to play a part in the wider adoption of blockchain and cryptocurrency. The low fee nature of the Solana blockchain makes it an ideal candidate for nonfungible token (NFT) projects and gaming dApps, and the release of a tech stack for mobile phones is the next step in creating wider access to these technologies. If the developers can manage to solve the issues that continue to cause Solana network outages, the token has a chance of being a top contender once the wider market turns bullish again.It feels to me like $SOL is going thru a similar trough of disillusionment as $ETH did back in 2018. In bear markets prices aren’t just reflexive—sentiment is too. @solana has a vibrant developer ecosystem and its downtime issues are solvable. This will be obvious in retrospect.— spencernoon.eth (@spencernoon) June 27, 2022Short-term pain is expected, but fundamentals improveWhile it’s nice to look ahead at what the distant future may hold, the reality is that the short-term outlook for Solana and the wider crypto ecosystem is rather unappealing. Insight into the lower price points to keep an eye on was offered by crypto trader and pseudonymous Twitter user Crypto Tony, who posted the following chart warning traders to not fall for the first retest of a major support level. SOL/USDT 1-week chart. Source: TwitterCrypto Tony said,“First demand zone tested hence this reaction, but you really want to call a bottom already after the first test…”Based on the chart provided, the notable lower levels of support for Solana are located at $13.50 and $3.50. Market analyst and pseudonymous Twitter user Crypto Patel also predicts further downside in the near term for SOL due to a strong amount of resistance found at the 200-day exponential moving average. SOL/USDT 4-hour chart. Source: Twtter Crypto Patel said, “After breakout and retest of $40 zone, Supports converts into Resistance […] Facing resistance at 200EMA. Anytime can give downside movement. Sell: $38.5, SL: $43.2, TP: $27.”Related: SOL price eyes 75% rally as Solana paints a bullish reversal patternIs SOL in the early stages of a recovery?A more optimistic outlook for Solana was offered by pseudonymous Twitter user Trader McGavin, who posted the following chart highlighting the important levels of resistance at $60, $74 and $95. SOL/USDT 1-day chart. Source: TwitterThe analyst said, “Double bottomed after breaking down from the wedge and rebounding higher. One of the first to bounce off the bottom and may be headed to $48.”The importance of maintaining the current price levels was also touched on by crypto trader and pseudonymous Twitter user Altcoin Sherpa, who posted the following chart noting the bullish signal provided by the medium-term EMAs. SOL/USDT 4-hour chart. Source: TwitterAltcoin Sherpa said, “$SOL: Still a do or die area in low time frames; this is the first time we’ve seen some of the medium EMAs flip bullish since March. Longing mid $30s is my current plan as a scalp since I missed the short higher.”The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin clings to $20K as analysts warn of a long, bumpy ride for the foreseeable future

Bullish cryptocurrency traders hoping that the market was on a path higher received a dose of reality on June 29 as the price of Bitcoin (BTC) dipped below $20,000 again during intraday trading. Data from Cointelegraph Markets Pro and TradingView shows that the top cryptocurrency fell under pressure in the early trading hours on June 29 with bears managing to drop BTC to a daily low of $19,857 before price was bid back above the $20,000 mark.BTC/USDT 1-day chart. Source: TradingViewHere’s a look at what several analysts are saying comes next for Bitcoin as it struggles to gain momentum and break free of the current price range. Prepare for a choppy summerA word of warning for traders looking to enter the market at these levels was offered by analyst and pseudonymous Twitter user IncomeSharks, who posted the following chart showing one possible path that BTC could take in the months ahead. BTC/USDT 1-day chart. Source: TwitterIncomeSharks said, “More people end up losing money in chop zones than the big drop zones. I’m bullish mid term for a lot of reasons. This summer is about swing trading and accumulation. I will derisk/sell majority end of November/December.”The possibility of a stronger pullback was also noted by Twitter user Altcoin Sherpa, who posted the following chart citing the importance of the $20,000 level.BTC/USD 4-hour chart. Source: TwitterAltcoin Sherpa said, “Around 20K will be a pretty important area on lower timeframes; lose that and we see a move to the range lows around 17K again IMO. If this area is the bottom, I expect to see 17-18K tested again to be honest.”Price could pullback to $16,400According to Rekt Capital, the recent price action mirrors other bear markets and could provide some clues on where the bottom will be.BTC/USD 1-week chart. Source: TwitterDuring the week of June 20, Bitcoin saw a similar buy-side volume as it experienced during the 2018 bear market bottom, near the 200-week moving average (MA). Rekt Capital said, “During the formation of the 2018 bottom however, that buyer volume preceded extra -20% downside. If $BTC were to drop an extra -20% soon, price would reach ~$16,400.”Related: Bitcoin holds $20K as ECB warns inflation may never return to pre-COVID lowsConsolidation leads to accumulationA more positive outlook was offered by Twitter user Miles J Creative, who posted the following chart supporting the thesis that a “bull phase is coming.”BTC price vs. 1yr+ HODL wave. Source: TwitterThe analyst said, “In Bitcoin’s history it has only had the current accumulation structure when exiting not entering bear markets. Perhaps this time is different but accumulation is saying a bull phase is coming.”The overall cryptocurrency market cap now stands at $897 billion and Bitcoin’s dominance rate is 42.7%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Stratis (STRAX) gains 200%+ after Sky Dream Mall metaverse and stablecoin announcement

Bear markets can be incredibly harsh for projects that have little adoption or lack an applicable use case, but projects that dedicate to building regardless of market sentiment tend to succeed in the next market cycle.One project that has seen a noticeable boost in volume, despite the wider-market downtrend is Stratis (STRAX), a blockchain development platform designed to help enterprise businesses establish their own blockchain in a simplified manner. Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.365 on June 15, the price of STRAX has rallied 220% to hit a daily high of $1.20 on June 29 amid a surging 24-hour trading volume. STRAX/USDT 1-day chart. Source: TradingViewHere are three reasons why the price of STRAX is rallying this week as the wider crypto market continues to struggle. Metaverse launch entices volumeThe Metaverse was one of the hottest topics during the bull market of 2021 and the concept continues to be a driving force behind mass adoption in the crypto space.Prior to the recent STRAX price rally, the team behind the protocol teased the upcoming launch of Sky Dream Mall, a metaverse project that is powered by the Stratis blockchain. Sky Dream Mall, a metaverse powered by Stratis Blockchain Coming soon! #metaverse #metaverseland #nftcommunity #nftartwork #vaperwave #stratis #Cryptocurency .@StratisphereNFT .@stratisplatform .@Stratis_Faction pic.twitter.com/TpmhGDpKvz— Polycarbon Games (@Polycarbongame) June 25, 2022The protocol has been experiencing growth within its nonfungible token (NFT) and GameFi communities, thanks to projects like The Astroverse Club and Trivia Legends. Stablecoins and NFTsAlong with the growth on the Metaverse front, Stratis could also be getting a boost from its plan to launch a Great British ound Token (GBPT) stablecoin. The GBPT stablecoin is being developed in conjunction with Price Waterhouse Coopers (PwC), which is helping Stratis complete the Financial Conduct Authority (FCA) registration process. PwC will also provide future auditing services when the GBPT stablecoin is eventually released. The team is also working on a ticketing management system that will allow NFTs to be used to validate entry, and store benefits and perks for designated events and venues. Related: Governments, enterprise, gaming: Who will drive the next crypto bull run?Outreach in UgandaA third factor helping to bolster the price of STRAX is the ongoing development of a blockchain innovation center in Uganda, which aims to increase blockchain knowledge and awareness. The project began after Stratis entered a long-term partnership with the Foundation of King Oyo, the current monarch of the Tooro Kingdom in Uganda.The foundations have been laid for the Stratis blockchain innovation center in Uganda as part of the Stratis global expansion.#blockchain #dotnet #Stratis $STRAX pic.twitter.com/nIBl0IEsBk— Stratisplatform (@stratisplatform) May 24, 2022

Construction of the center began on May 24 and the most recent update on the project was posted on June 27 showing that the foundation for the center is nearing completion. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Price analysis 6/29: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, LEO

The United States equities markets have given back some of the gains made last week and that has pulled Bitcoin to the psychological support at $20,000. This suggests that investors are nervous to buy risky assets at higher levels.Meanwhile, while speaking to the hosts of the Bankless podcast on June 23, Mark Cuban said that the crypto bear market could end after the price gets so cheap that investors go and start buying or an application with utility is launched that attracts users.Daily cryptocurrency market performance. Source: Coin360Several analysts expect Bitcoin to continue falling and eventually bottom out between $10,000 and $12,000. However, John Bollinger, the creator of the popular Bollinger Bands trading indicator, said that the monthly charts suggest that Bitcoin’s price has reached “a logical place to put in a bottom.”Could bears maintain the selling pressure and pull cryptocurrency prices lower? Let’s study the charts of the top 10 cryptocurrencies to find out.BTC/USDTBitcoin turned down from $22,000 on June 26 and has gradually slipped to the immediate support at $19,637. This suggests that the bears remain in command and every rally is being sold into.BTC/USDT daily chart. Source: TradingViewIf the price breaks below $19,637, the BTC/USDT pair could be at risk of dropping to the crucial support at $17,622. This is an important level to watch out for because a break and close below it could start the next leg of the downtrend. The pair could then decline to $15,000.On the other hand, if the price rebounds off $19,637, it will suggest demand at lower levels. The buyers will then try to push the price above the 20-day exponential moving average (EMA) ($22,393). If they succeed, the pair could rally to the 50-day simple moving average (SMA) ($26,735).ETH/USDTEther (ETH) turned down from the 20-day EMA ($1,268) on June 26, suggesting that the sentiment remains negative and traders are selling on rallies.ETH/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the negative zone indicate that bears are in control. The sellers will attempt to pull the price below the immediate support at $1,050. If they succeed, the ETH/USDT pair could plunge to the June 18 intraday low of $881. A break below this support could signal the resumption of the downtrend. The next support on the downside is at $681.Contrary to this assumption, if the price rebounds off $1,050, it will suggest demand at lower levels. The buyers will then make another attempt to push the price above the 20-day EMA and start the journey toward $1,500 and later $1,700.BNB/USDTThe buyers failed to push and sustain BNB above the 20-day EMA ($238) between June 24 to 28. This resulted in profit-booking, which has pulled the price to the strong support of $211.BNB/USDT daily chart. Source: TradingViewThe 20-day EMA has started to turn down once again and the RSI has dipped into the negative territory. This suggests that bears have the upper hand. If the price slides below $211, the BNB/USDT pair could drop to the critical support of $183. If this support collapses, the pair could resume its downtrend and plummet toward $150.Conversely, if the price rebounds off $211, it will suggest that bulls are attempting to form a higher low. A strong bounce could increase the prospects of a break above $250. The pair could then rally to the 50-day SMA ($273).XRP/USDTRipple (XRP) slipped below the breakout level of $0.35 on June 28, which suggests that bears continue to sell aggressively at higher levels.XRP/USDT daily chart. Source: TradingViewThe 20-day EMA ($0.35) is flattish but the RSI has dropped below 40, suggesting that the bears have a slight edge. The sellers will attempt to pull the price to the vital support at $0.28. This is an important level to keep an eye on because if it gives way, the XRP/USDT pair could start the next leg of the downtrend.On the contrary, if the price turns up from the current level or $0.28, it will suggest that bulls are buying at lower levels. That could keep the pair range-bound between $0.28 and the 50-day SMA ($0.38) for a few days. ADA/USDT The bears thwarted repeated attempts by the bulls to push Cardano (ADA) above the 20-day EMA ($0.50) in the past few days. This suggests that the bears are defending the level aggressively.ADA/USDT daily chart. Source: TradingViewThe price could drop to the strong support zone at $0.44 to $0.40. If the price rebounds off this zone with strength, it will suggest that bulls are accumulating on dips. The buyers will then again try to propel the price above the moving averages. If they can pull it off, the ADA/USDT pair could start an up-move toward $0.70.This positive view could invalidate in the short term if bears sink the pair below the support zone. If that happens, the pair could indicate the resumption of the downtrend. The next support is at $0.33.SOL/USDTThe tight range trading in Solana (SOL) resolved to the downside with a break below the 20-day EMA ($37). The bears are attempting to pull the price below the immediate support at $33.SOL/USDT daily chart. Source: TradingViewIf they succeed, the SOL/USDT pair could decline to $27 and then retest the June 14 intraday low of $25.86. Contrary to this assumption, if the price rebounds off $33, it will suggest that the bulls are attempting to form a higher low. The buyers will then try to clear the overhead hurdle at $43. If that happens, the pair could signal a potential change in trend. The pair may then rise to $60 where the bears may again mount a strong defense.DOGE/USDTDogecoin (DOGE) turned down from the 50-day SMA ($0.08) on June 27 and broke below the 20-day EMA ($0.07) on June 28. This suggests that bears have not given up and they continue to sell on rallies.DOGE/USDT daily chart. Source: TradingViewThe bears will try to sink the price to $0.06. If this level cracks, the next stop could be a retest of the critical level at $0.05. Alternatively, if the price turns up from the current level or the support at $0.06 and rises back above the 20-day EMA, it will suggest that bulls are attempting to form a higher low. The bullish momentum could pick up on a break above $0.08. The DOGE/USDT pair could then attempt a rally to the psychological level of $0.10.Related: Double bubble? Terra’s defunct ‘unstablecoin’ suddenly climbs 800% in one weekDOT/USDTRepeated failures to push and sustain the price above the 20-day EMA ($7.93) may have tempted short-term traders to book profits in Polkadot (DOT). The price turned down from the 20-day EMA and slipped to $7.30 on June 28.DOT/USDT daily chart. Source: TradingViewBoth the bulls and the bears are battling it out for supremacy near the $7.30 level. If the bears come out on top, the DOT/USDT pair could drop to the crucial level of $6.36. The bulls are expected to defend this level aggressively because a break below it could signal the resumption of the downtrend. Conversely, if the price rebounds off the current level, the buyers will again try to achieve a close above the 20-day EMA. If they manage to do that, the pair could rise to the 50-day SMA ($8.97). SHIB/USDTShiba Inu (SHIB) slipped back below the 50-day SMA ($0.000011) on June 28, suggesting that the bears are active at higher levels. Although the price dipped below $0.000010, the bears have not been able to build upon this advantage. SHIB/USDT daily chart. Source: TradingViewThis suggests that selling dries up at lower levels. The bulls will again try to push the price above the 50-day SMA and challenge the resistance at $0.000012. A break and close above this level could open the doors for a possible rally to $0.000014. The 20-day EMA ($0.000010) has flattened out and the RSI is just below the midpoint, indicating a balance between supply and demand. If the price slips below $0.000009, the advantage could tilt in favor of the sellers. The pair may then drop to $0.000007.LEO/USDUNUS SED LEO (LEO) broke and closed above the resistance line of the descending channel on June 25 but the bulls could not push the price above $6. That may have attracted profit-booking from short-term traders, which pulled the price back into the channel on June 27. LEO/USD daily chart. Source: TradingViewThe 20-day EMA ($5.57) is sloping up and the RSI is in the positive territory, suggesting that bulls have the upper hand. The buyers are again attempting to clear the overhead hurdle at $6. If they succeed, the LEO/USD pair could rally to $6.50 and then to the pattern target at $6.90. Contrary to this assumption, if the price once again turns down from $6, it will suggest that bears are defending this level with vigor. The sellers will then attempt to sink the price below the 20-day EMA and challenge the 50-day SMA ($5.24).The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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Bitcoin’s bottom might not be in, but miners say it ‘has always made gains over any 4-year period’

Your favorite trader is saying Bitcoin (BTC) bottomed. At the same time, the top on-chain indicators and analysts are citing the current price range as a “generational buy” opportunity. Meanwhile, various crypto and finance media recently reported that Bitcoin miners sending a mass of coins to exchanges are a sign that $17,600 was the capitulation move that pins the market bottom. There’s so much assurity from various anon and doxed analysts on Crypto Twitter, yet Bitcoin price is still in a clear downtrend, and the metrics don’t fully reflect that traders are buying every dip. A critical component of BTC price that many investors often overlook is the condition and sentiment of Bitcoin miners, which is exactly why Cointelegraph had a chat with Rich Ferolo of Blockware Solutions and Will Szamosszegi of Sazmining Inc. to gain clarity on what’s happening in the mining industry and how this might impact market sentiment going forward. Cointelegraph: Is the bottom in for Bitcoin? The price touched $17,600 nearly two weeks ago and it’s starting to feel like the fund-driven capitulation armageddon might be over. Thoughts? Will Szamosszegi: It’s impossible to say whether or not Bitcoin has hit a bottom. In general, I recommend a dollar-cost-averaging strategy to people: Just buy however much Bitcoin you feel comfortable with on a consistent schedule. We’ve seen drawdowns even bigger than this before — such as 93.7% in its early days and 83.4% in 2018. Bitcoin has always made gains over any four-year period in its history.CT: Currently, Bitcoin is trading below the realized price and below miners’ cost of production. The price also dipped below the previous all-time high and the hash rate is dropping. Typically on-chain analysts pinpoint these metrics hitting extreme lows as a generational purchasing opportunity, but is it? Rich Ferolo: Blockware has done a lot of research on this and we’ve calculated the breakeven price from machines as far back as the s9 from 2016, at $.07 per kilowatt, the breakeven is $38,000 for a s9. You’re going to see older machines coming off the network eventually. For the s17s, at $.07 cents per kilowatt, BTC needs to be at around $18,000. Newish machines are more efficient and while difficulty and the hash rate adjustment are trending down for current generation machines, anything above 90 terahashes (TH/s) can make it. Anything below 34 watts per Terahash is inefficient. One factor to consider is that the value of machines is going down. Even if BTC price starts to go up and there’s a symbiotic relationship between price and the macro factors impacting Bitcoin price and prices throughout the wider-crypto market.Machines are hard assets and the big aspect of mining is the machine. Bitmain and MicroBT adjust prices as BTC price goes up. This is a hard asset that, in a way, earns yield on a daily basis, the same way that BTC does. If you’re in the long game, you don’t care about the current price of BTC. Just because the BTC price goes down doesn’t mean all the miners will go down also. It’s more about survival of the fittest. You need to be aware of the macros, but it’s not as bad as one might think. There are different perspectives and situations depending on what size outfit you’re running. Big public companies have a lot of operational factors to consider, but their operational costs (OPEX) inflate their overall cost even if they get $.05 per kilowatt. Their model is different from the analytics of the average miner outside of the public user. CT: What is the state of the BTC mining industry right now? There are rumors that leveraged miners could go under, inefficient miners are turning off and equipment is being sold 50% to 65% lower than 2020 to 2021 prices. What’s happening behind the scenes and how do you see this impacting the industry for the next six months to a year? RF: I agree with all of your observations. We’re at a price consolidation point currently and the market is cleaning up the amount of mining debt that exists. If you can hang on and keep mining, it might keep the hash rate and difficulty at bay. Blockworks believes that there is a severe lack of infrastructure in the space. To have infrastructure, you have to have an incredible amount of CAPEX to get going. There’s been and still is a lack of infrastructure. Regardless of the machines that are there, there’s not a lot of space for hosting. From the broader standpoint, you’re going to see a lot of capitulation, insolvency and excess machines. I know a lot of the big players are putting a pause on funding for miners. That’s a plus for people wanting to get in the space, but we predicted a 60% hash rate increase in 2022 when things were booming. And, as the s19XPs come into light, the hashrate will go up. WS: Many veterans in this space have grown accustomed to these cycles in the Bitcoin ecosystem. Historically, you see the hashrate decline following the price doing the same. In drawdowns like this one, newer miners typically wash out, while the network fortifies. Over the next six months, mining will become more competitive, as bigger players may consolidate and buy miners at a discount.CT: Exactly why is now a good or bad time to start mining? Are there particular on-chain metrics or profitability metrics that miners are looking at or is it just a no-brainer that Bitcoin’s current pricing makes mining attractive? Let’s say I have $1 million cash, is it a good time to set up an operation and start mining? What about $300,000 to $100,000? At the $40,000 to $10,000 range, why might it not be a good time to set up at home or use a hosted mining service? RF: Regardless of the size of the investment, I don’t think any of those values frankly would warrant you wanting to set up infrastructure at scale. A million bucks worth of machines at $5,000 per machine will get you 200 machines, almost a 0.6 megawatts worth. 1 megawatt of power is equal to 300 machines. Housing 200 machines is way different than housing 2 to 10 machines. To diversify $1 million to $300,000, or 60 machines, that’s where you want to start looking at hosting, assuming you’re all in on mining. I treat mining as a hedge, so I’d take 60% of the capital and buy machines and 40% buy spot BTC, or 60% CAPEX for machines, 20% for OPEX and 20% for spot BTC. This is a broader place to think about hosting. $100,000 gets you 20 machines, so you could apply the same strategy. Most residential homes can’t handle that much power demand. There’s a threshold of at-home mining power capacity so you’d have to consider how much power you can get to your house without shutting down the neighborhood. The $10,000 to $40,000 range is more amenable to at-home mining. If your power rate is fixed at $.10 or below you could pull it, depending on where the price is. $40,000 will get you about eight machines. That’s more doable, to be honest. It’s about 24.4 kilowatts per hour for eight machines if you start from four to five machines and test the waters. It’s almost like dollar-cost-averaging into machines and buying them if prices continue to drop.Related: Buy Bitcoin or start mining? HashWorks CEO points to ‘attractive investment yield’ in BTC miningCT: Does BTC price dropping below its all-time high for the first time ever have any significant future ramifications on the fundamentals of the asset and industry? WS: The fundamentals of BTC are unchanged, which is why I still expect BTC to evolve into a global reserve asset. The industry, on the other hand, will learn from this crash: Do not be overleveraged and do not offer yields that leave you vulnerable.RF: Great question, I think from where we’re at now, it was expected based on where people (retail) had bought in the previous cycle. Smart money expected a long bear market to happen, but what has shocked everyone is when and how fast it happened. The mysterious long-awaited blow-off top never happened. Crypto has a lot more exposure and a lot more bad press due to recent implosions and we’ll see more because the news loves bad press and it’s easier to generate. For those who believe in BTC, they’ll ignore it and it’s the opportune time to buy and invest in the space, especially once all the bad energy is cleared out. Lots of people have probably sold the bottom and won’t be back, but this is just the basic market dynamics.CT: The network’s next reward halving is approaching in 676 days. In your view, how will this alter the landscape of industrialized mining and the amount of equipment required to solve an algorithm which becomes more difficult to compute with each halving? RF: Halving events tend to induce miner capitulation. I’m surprised that the current hash rate hasn’t fallen further. We’re not seeing the sharp decrease that was expected before like 20% to 25%. This happens because older-generation machines have to unplug and the rewards don’t match the cost but the expected hash rate increase that comes with each halving means older-gen machines benefit in the short term. Miners unplug when OPEX is unfavorable and then plug back in when the time is right. WS: Miners will want to reduce their costs, as half the reward in Bitcoin may render many mining operations unprofitable (assuming a constant Bitcoin price in United States dollars). Mining equipment will continue to improve in efficiency and miners will continue to seek out the most cost-effective energy sources. Halving is one of the many genius features of the Bitcoin network because it washes out inefficiencies.Disclaimer. Cointelegraph does not endorse any content of product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Final Capitulation — 5 reasons why Bitcoin could bottom at $10,000

Bear markets have historically been challenging to navigate for traders and the conventional set of “reliable” indicators that determine good entry points are unable to predict how long a crypto winter might last.Bitcoin’s (BTC) recent recovery back above the psychologically important price level of $20,000 was a sign to many traders that the bottom was in, but a deeper dive into the data suggests that the short-term relief rally might not be enough proof of a macro-level trend change.Evidence pointing to the need for caution was provided in a recent report by cryptocurrency research firm Delphi Digital, which suggested that “we need to see a little more pain before we have conviction that a market bottom is in.”Despite the pain that has already been felt since Bitcoin’s price topped in November, a comparison between its pullback since then and the 2017 market top points to the possibility of further decline in the short-term. BTC/USD price normalized since all-time high (Current vs. 2017 peak) source: Delphi DigitalDuring previous bear markets, the price of BTC fell by roughly 85% from its top to the eventual bottom. According to Delphi Digital, if history were to repeat itself in the current environment it would translate into “a low just above $10,000 and another 50% drawdown for current levels.” The outlook for Ether (ETH) is even direr as the previous bear market saw its price decline by 95% from peak to trough. Should that same scenario play out this time around, the price of Ether could drop as low as $300. ETH/USD price percent drawdown (current vs. prior ATH). Source: Delphi DigitalDelphi Digital said, “The risk of reliving a similar crash is higher than most people are probably discounting, especially if BTC fails to hold support in the $14K–16K range.”Oversold conditions prevailFor traders looking for where the bottom is in the current market, data shows that “previous major market bottoms coincided with extreme oversold conditions.”As shown in the weekly chart below, BTC’s 14-week RSI recently fell below 30 for the third time in its history, with the two previous occurrences coming near a market bottom. BTC/USD weekly price vs. 14-week RSI. Source: Delphi DigitalWhile some may take this as a sign that now is a good time to reenter the market, Delphi Digital offered a word of caution for those expecting a “V-shaped” recovery, noting that “In the prior two instances, BTC traded in a choppy sideways range for several months before finally staging a strong recovery.” A view of the 200-week simple moving average (SMA) also raises question on whether the historical support level will hold again.BTC/USD price vs. 200-week SMA and 14-week RSI. Source: Delphi DigitalBitcoin recently broke below its 200-week SMA for the first time since March 2020. Historically speaking, BTC price has only traded below this level for a few weeks during the previous bear markets, which points to the possibility that a bottom could soon be found. Related: Bitcoin price dips under $21K while exchanges see record outflow trendThe final capitualationWhat the market is really looking for right now is the final capitulation that has historically marked the end of a bear market and the start of the next cycle. While the sentiment in the market is now at its lowest point since the COVID-19 crash of March 2020, it hasn’t quite reached the depths of despair that were seen in 2018. According to Delphi Digital:“We may need to see a bit more pain before sentiment really bottoms out.”Crypto Fear & Greed Index. Source: AlternativeThe weakness in the crypto market has been apparent since the end of 2021, but the real driving force behind the market crumbling include run-away inflation and rising interest rates. BTC/USD vs. Fed funds rate vs. Fed balance sheet. Source: Delphi DigitalRising interest rates tend to be followed by market corrections, and given that the Federal Reserve intends to stay the course of hiking rates, Bitcoin and other risk-off assets are likely to correct further.One final metric that suggests that a final capitulation event needs to occur is the percentage of BTC supply in profit, which hit a low of 40% during previous bear markets. BTC/USD price vs. percentage of supply in profit. Source: Delphi DigitalThis metric is currently at 54.9%, according to data from Glassnode, which adds credence to the perspective that the market could still experience another leg down before the real bottom is in. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin’s short-term price prospects slightly improved, but most traders are far from optimistic

A mild sense of hope emerged among Bitcoin (BTC) investors after the June 18 drop to $17,600 becomes more distant and an early ascending pattern points toward $21,000 in the short-term.Bitcoin 12-hour USD price at FTX. Source: TradingViewRecent negative remarks from lawmakers continued to curb investor optimism. In an interview with Cointelegraph, Swiss National Bank (SNB) deputy head Thomas Muser said that the decentralized finance (DeFi) ecosystem would cease to exist if current financial regulations are implemented in the crypto industry.An article published in The People’s Daily on June 26 mentioned the Terra (LUNA), now renamed Terra Classic (LUNC), network’s collapse and local blockchain expert Yifan He referring to crypto as a Ponzi scheme. When asked by Cointelegraph to clarify the statement on June 27, Yifan He stated that “all unregulated cryptocurrencies including Bitcoin are Ponzi schemes based on my understanding.”On June 24, Sopnendu Mohanty the chief fintech officer of the Monetary Authority of Singapore (MAS) pledged to be “brutal and unrelentingly hard” on any “bad behavior” from the cryptocurrency industry.Ultimately, Bitcoin investors face mixed sentiment as some think the bottom is in and $20,000 is support. Meanwhile, others fear the impact that a global recession could have on risk assets. For this reason, traders should analyze derivatives markets data to understand if traders are pricing higher odds of a downturn.Bitcoin futures show a balanced force between buyers and sellersRetail traders usually avoid monthly futures because their price differs from regular spot markets at Coinbase, Bitstamp and Kraken. Still, those are professional traders’ preferred instruments as they avoid the funding rate fluctuation of the perpetual contracts.These fixed-month contracts usually trade at a slight premium to spot markets because investors demand more money to withhold the settlement. Consequently, futures should trade at a 5% to 10% annualized premium in healthy markets. One should note that this feature is not exclusive to crypto markets. Bitcoin 3-month futures’ annualized premium. Source: LaevitasWhenever this indicator fades or turns negative, this is an alarming, bearish red flag signaling a situation known as backwardation. The fact that the average premium barely touched the negative area while Bitcoin traded down to $17,600 is remarkable.Despite currently holding an extremely low futures premium (basis rate), the market has kept a balanced demand between leverage buyers and sellers.To exclude externalities specific to the futures instrument, traders must also analyze the Bitcoin options markets. For instance, the 25% delta skew shows when Bitcoin whales and arbitrage desks are overcharging for downside or upside protection.During bearish markets, options investors give higher odds for a price crash, causing the skew indicator to rise above 12%. On the other hand, a market’s generalized FOMO induces a negative 12% skew.Bitcoin 30-day options 25% delta skew: Source: LaevitasAfter peaking at 36% on June 18, the highest-ever record, the indicator receded to the current 15%. Options markets showe an extreme risk-aversion until June 25, when the 25% delta skew finally broke below 18%.The current 25% skew indicator continues to display higher risks of a downside from professional traders but it no longer sits at levels that reflecti extreme risk aversion.Related: Celsius Network hires advisers ahead of potential bankruptcy — ReportThe bottom could be in according to on-chain dataSome metrics suggest that Bitcoin may have bottomed on June 18 after miners sold significant quantities of BTC. According to Cointelegraph, this indicates that capitulation has occurred already and Glassnode, an on-chain analysis firm, demonstrated that the Bitcoin Mayer Multiple fell below 0.5, which is extremely rare and hasn’t happened since 2015.Whales and arbitrage desks might take some time to adjust after key players like Three Arrows Capital face serious contraction and liquidation risks due to a lack of liquidity or excessive leverage. Until there’s enough evidence that the contagion risk has been alleviated, Bitcoin price probably will continue to trade below $22,000.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Price analysis 6/27: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX

Bitcoin’s (BTC) current bear market is one of the worst, according to a report by on-chain analytics firm Glassnode. This was the first time in history that the Mayer Multiple slipped below the previous cycle’s low. Bitcoin’s fall below $20,000 on June 18 also marked the biggest loss ever booked by investors in a single day at $4.23 billion. Considering the above factors and a few other events, Glassnode believes that the capitulation in Bitcoin may have started.Bitcoin whales seem to have started their purchasing, suggesting that the bottom may be close and on June 25, analytics resource “Game of Trades” highlighted that demand from whales holding 1,000 to 10,000 Bitcoin witnessed a sharp spike in demand.Daily cryptocurrency market performance. Source: Coin360Another sign that traders are purchasing comes from Glassnode comments suggesting that the 30-day average change in the supply kept on exchanges plummeted by 153,849 Bitcoin on June 26, the largest ever in history.Could bulls continue their purchases on dips and form a higher low? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin turned down from $22,000 on June 26, indicating that the sentiment remains negative and traders are selling on minor rallies. The bears will try to pull the price to the psychological level of $20,000.BTC/USDT daily chart. Source: TradingViewIf the price rebounds off $20,000, it will suggest that bulls are accumulating on dips. That could keep the pair range-bound between $20,000 and $22,000 for a few days. The first sign of strength will be a break and close above the 20-day exponential moving average (EMA) ($22,890). That could open the doors for a possible rally to the 50% Fibonacci retracement level at $24,693.This level could again act as a resistance, but if bulls overcome the barrier, the BTC/USDT pair could rally to the 50-day simple moving average (SMA)($27,150). The bulls will have to push the price above this level to indicate that the pair may have bottomed out.ETH/USDTEther (ETH) reached the 20-day EMA ($1,300) on June 26 but the bulls could not push the price above the resistance. This suggests that the bears are not willing to surrender their advantage easily.ETH/USDT daily chart. Source: TradingViewIf the price turns down from the current level, the bears will try to pull the ETH/USDT pair to $1,050. This is an important level to watch out for because a break below it could suggest that bears are in control.Conversely, if the price turns up from the current level or rises from $1,050, the bulls will try to propel the pair above the 20-day EMA. If they manage to do that, the pair could rally to the breakdown level of $1,700. A break and close above this resistance could indicate the start of a new uptrend.BNB/USDTBNB has been clinging to the 20-day EMA ($241) since June 24. This suggests that the bears are defending the level but the bulls have not yet given up as they anticipate a move higher.BNB/USDT daily chart. Source: TradingViewIf buyers thrust the price above the 20-day EMA, the BNB/USDT pair could rally to the 50-day SMA ($277). This level may again act as a stiff hurdle but if crossed, the pair could attempt a rally toward $350.Conversely, if the price turns down from the current level, the pair could drop to $211. This is an important level to keep an eye on because a rebound off it will suggest that bulls are attempting to form a higher low. But if the level cracks, the pair could retest the vital support at $183.XRP/USDTRipple (XRP) broke and closed above the overhead resistance at $0.35 on June 24 but the bulls could not clear the barrier at the 50-day SMA ($0.38). This suggests that the bears are defending the level aggressively.XRP/USDT daily chart. Source: TradingViewA minor positive is that the bulls have not allowed the price to dip back below the 20-day EMA ($0.35). This suggests buying on dips. If the price rebounds off the current level, the bulls will again attempt to push the price above the 50-day SMA. If they can pull it off, it will suggest that the downtrend could be weakening. The XRP/USDT pair could then rise to $0.45.Another possibility is that bears pull the price back below $0.35. If that happens, the pair could slide to $0.32 and then to $0.28.ADA/USDT The buyers pushed Cardano (ADA) above the 20-day EMA ($0.50) on June 26 but the long wick on the candlestick shows that bears aggressively sold at higher levels.ADA/USDT daily chart. Source: TradingViewA minor positive is that the bulls have not given up ground and are again attempting to clear the overhead hurdle at the moving averages. If they succeed, the ADA/USDT pair could rise toward $0.70 where the bears may again put up a strong defense. If the price turns down sharply from this level, it will suggest that the pair may remain range-bound between $0.40 and $0.70 for some more time. This positive view could be negated in the short term if the price turns down from the current level and breaks below $0.44. That could pull the pair to $0.40.SOL/USDTSolana (SOL) has been stuck between the moving averages since June 24. This suggests that bears are selling on rallies to the 50-day SMA ($43) and bulls are buying on dips to the 20-day EMA ($38).SOL/USDT daily chart. Source: TradingViewThe moving averages are close to a bullish crossover and the relative strength index (RSI) is near the midpoint, suggesting that bulls are attempting a comeback. If buyers propel the price above the 50-day SMA, the SOL/USDT pair could rise to $60. This level may again act as a stiff resistance but if bulls clear this hurdle, the momentum could pick up. On the contrary, if the price turns down and plunges below the 20-day EMA, it will suggest that bears have overpowered the bulls. The pair could then slide to $33.DOGE/USDTDogecoin (DOGE) broke and closed above the 20-day EMA ($0.07) on June 25. The buyers extended the recovery on June 26 and pushed the price to the 50-day SMA ($0.08) but the long wick on the candlestick suggests that bears are defending the level with vigor.DOGE/USDT daily chart. Source: TradingViewThe buyers are again trying to push the price above the 50-day SMA. If they manage to do that, the DOT/USDT pair could rally to $0.09 and then to the psychological level at $0.10. This level could again act as a resistance but if bulls overcome this barrier, the momentum is likely to pick up.Alternately, if the price fails to sustain above the 50-day SMA, it will suggest that bears continue to sell on rallies. The bears will then try to pull the price back below the 20-day EMA.Related: Dogecoin price could rally 20% in July with this bullish reversal patternDOT/USDTThe bears have been aggressively defending the 20-day EMA ($8.11) in Polkadot (DOT) since June 24 but a positive sign is that bulls have not given up much ground. A tight consolidation near a resistance usually resolves to the upside. DOT/USDT daily chart. Source: TradingViewIf buyers drive the price above the 20-day EMA, the DOT/USDT pair could rise to the 50-day SMA ($9.13). This level may again act as a hurdle but the likelihood of a break above it is high. If that happens, the pair could rally to $10.75.Contrary to this assumption, if the price turns down from the 20-day EMA, it will suggest that bears are active at higher levels. The sellers will then try to pull the pair below $7.30 and challenge the crucial support at $6.36.SHIB/USDTShiba Inu (SHIB) broke above the 50-day SMA ($0.000011) on June 25 but the bulls could not continue the recovery. The bears sold near $0.000012 on June 26 and are trying to pull the price back below the 50-day SMA.SHIB/USDT daily chart. Source: TradingViewThe 20-day EMA ($0.000010) has started to turn up gradually and the RSI is in the positive territory. This suggests that buyers have a slight edge. If the price rebounds off the current level or the 20-day EMA, the bulls will again attempt to resume the up-move.If the price rises above $0.000012, the SHIB/USDT pair could rally to the overhead resistance at $0.000014. This positive view could be negated in the short term if the price turns down and plummets below the 20-day EMA.AVAX/USDTAvalanche (AVAX) has been stuck in a tight range between the 20-day EMA ($20) and the overhead resistance at $21.35 since June 25. This suggests indecision among the bulls and the bears.AVAX/USDT daily chart. Source: TradingViewThe 20-day EMA has flattened out and the RSI is just below the midpoint, which suggests an equilibrium between buyers and sellers. If bulls push the price above $21.35, the AVAX/USDT pair could rally to the 50-day SMA ($25). This level may act as a minor hurdle but if crossed, the pair may rise to $30.This positive view could invalidate in the short term if the price turns down from the current level or the 50-day SMA and plummets below the 20-day EMA. That could open the doors for a possible decline to $16.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.

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